Prosperity Bancshares’ net interest income before provision for credit losses for the quarter increased 41.8%, to $51.63 million compared with $36.41 million during the prior year period. It has also reported annual net earnings for 2007 of $90.6 million or $2.09 per diluted common share, up 46.8% from 2006 net earnings of $61.7 million and up 7.7% from 2006 diluted earnings per share of $1.94.
For the period, net interest income before provision for credit losses has increased $62.290 million or 45.1% to $200.44 million compared with $138.14 million during the comparable period last year.
David Zalman, chairman and CEO of Prosperity Bancshares, said: During the recent downward market and credit challenges, we have maintained our sound credit underwriting, and, while our non-performing assets are currently elevated from our past reports, we are pleased with the progress we have made in improving the credit quality of the assets acquired in our most recent acquisitions.
